Thank you for this! I had promised a couple of friends that I’d write up something for their upcoming spinouts and I’m very glad that someone who knows more than me has done it instead :D
Two caveats I’d suggest to future nonprofit-starters, just because they’re currently a giant headache for me:
Decide early on what your physical address will be for any use cases that don’t accept virtual mailboxes, knowing that said physical address might be something you need to share—for example we need a physical address on file with our bank, they didn’t accept our virtual mailbox, and this is also an address we need to give to donors because some giving platforms ask for address on file with the bank. But use your public mailing address for the 1023 because this gets scraped by DAFs.
You can breeze through the bylaws and policies if you’re in a rush, but you will likely need to amend them later for insurance and/or grants compliance purposes.
Thank you for this! I had promised a couple of friends that I’d write up something for their upcoming spinouts and I’m very glad that someone who knows more than me has done it instead :D
Two caveats I’d suggest to future nonprofit-starters, just because they’re currently a giant headache for me:
Decide early on what your physical address will be for any use cases that don’t accept virtual mailboxes, knowing that said physical address might be something you need to share—for example we need a physical address on file with our bank, they didn’t accept our virtual mailbox, and this is also an address we need to give to donors because some giving platforms ask for address on file with the bank. But use your public mailing address for the 1023 because this gets scraped by DAFs.
You can breeze through the bylaws and policies if you’re in a rush, but you will likely need to amend them later for insurance and/or grants compliance purposes.